For which pairs of goods is the cross-price elasticity most likely to be positive

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For which pairs of goods is the cross price elasticity most likely to be positive pens and pencils?
What goods have a positive cross
For which pairs of goods is the cross price elasticity most likely to be positive canoes and kayaks?
Which of the following pairs of products is most likely to have a positive cross elasticity of demand between them?

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Fundamentals of Engineering Economic Analysis

1st EditionDavid Besanko, Mark Shanley, Scott Schaefer

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Principles of Economics

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Statistics for Business and Economics

13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams

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Statistics for Business and Economics

13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams

1,692 solutions

For which pairs of goods is the cross price elasticity most likely to be positive pens and pencils?

Option c. This option is correct because pens and pencils are substitutes for each other. It means as pen price rises then demand for pencils also rises and as pen price falls then demand pencils also falls. It shows that they have positive cross-price elasticity of demand.

What goods have a positive cross

The cross elasticity of demand for substitute goods is always positive because the demand for one good increases when the price for the substitute good increases. Alternatively, the cross elasticity of demand for complementary goods is negative.

For which pairs of goods is the cross price elasticity most likely to be positive canoes and kayaks?

cats and cat food. Since canoes and kayaks are close substitutes, they will have a positive cross-price elasticity.

Which of the following pairs of products is most likely to have a positive cross elasticity of demand between them?

In economics, the cross elasticity of demand or cross-price elasticity of demand measures the percentage change of the quantity demanded for a good to the percentage change in the price of another good, ceteris paribus. Related goods are tea and coffee. Hence, correct answer is option A.

For which pairs of goods is the cross-price elasticity most likely to be positive

Recommended textbook solutions

Fundamentals of Engineering Economic Analysis

Principles of Economics

Statistics for Business and Economics

Statistics for Business and Economics

For which pairs of goods is the cross price elasticity most likely to be positive pens and pencils?

What goods have a positive cross

For which pairs of goods is the cross price elasticity most likely to be positive canoes and kayaks?

Which of the following pairs of products is most likely to have a positive cross elasticity of demand between them?

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